Store Opening Expenses Sink Ingles Q4 Profits

Higher expenses for new store development and charges associated with retiring debt sent net profits at Ingles Markets down by 50.4% during the fiscal fourth quarter that ended Sept. 26, the retailer here said Monday.

ASHEVILLE, N.C. — Higher expenses for new store development and charges associated with retiring debt sent net profits at Ingles Markets down by 50.4% during the fiscal fourth quarter that ended Sept. 26, the retailer here said Monday.

Net profits of $28.8 million for the fiscal year fell by 44.7%, mainly as a result of higher expenses as a percent of revenue for Ingles, which said it was affected by a slower ramp-up of some of the 22 new stores it has opened or remodeled since

Register to view the full article

Already a member? .